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coming up is the so-called debt ceiling -- something most americans hadn't even heard of before two years ago. i want to be clear about this. the debt ceiling is not a question of authorizing more spending. raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. these are bills that have already been racked up and we need to pay them. so while i'm willing to compromise and find common ground over how to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the bills they've already racked up. if congressional republicans refuse to pay america's bills on time, social security checks and veterans' benefits will be delayed. we might not be able to pay our troops, or honor our contracts with small business owners. food inspectors, air traffic controllers, specialists who track down loose nuclear material wouldn't get their paychecks. investors around the world will ask if the united states of america is, in fact, a safe bet. markets could go h
. >> you say you're not going to negotiate on the debt ceiling this year, why should house republicans take that seriously and think if we get to the one minute to midnight scenario that you're not going to back down. >> jewel anna, this is straight forward, either congress pays its bills or doesn't. >> are you prepared to allow the government to grind to a halt if, who do you think the american people would blame if that came to pass. >> i suspect the american people would blame all of washington for not being able to get its act together. >> greta: back in 2006 when president obama was then a senator he actually voted against raising the debt ceiling. so what has changed now? congressman jason chaffetz nice to see you. >> well, congress spending pushing and the president pushing for this? we have to stop the spending. like the alcoholic who won't give up his drink anymore, you have to slow this. >> greta: what president obama said today he's basically executing what you in congress are telling him to do. you authorize the spending and he's got to pay the bills. and so now you're saying he
hadn't even heard of before two years ago. so i want to be clear about this. the debt ceiling is not a question of authorizing more spending. raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. >> and of course republicans tried to trick americans into believing the debt ceiling was a blank check or magic credit card for the president to go spend whatever he wanted to spend. of course, the united states constitution gives the power to tax and spend to the congress, and the congress alone. our current deficit is the result of money congress has already borrowed. president obama explained to the american people today how republicans in congress are trying to avoid doing their actual jobs. >> these are bills that have already been racked up. and we need to pay them. so while i'm willing to compromise and find common ground over how to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the bills they've already racked up. >>
set the record straight on the debt ceiling. >> now the other imposition is called the debt ceiling. something most americans had not heard of before two years ago. so i want to be clear about this. the debt ceiling is not a question of authorizing more spending. raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. >> and of course republicans tried to trick americans into believing the debt ceiling was a blank check or magic credit card for the president to go spend whatever he wanted to spend. of course, the united states constitution gives the power to spend to congress. the result is the money congress has already borrowed. president obama explained to the american people in congress how they're trying to do their actual jobs. >> these are bills that are racked up. and we need to pay them. so while i'm willing to find compromise on how to pay our debts, americans should not be stopped from paying the bills we racked up. >> the country will be in a dire situation. president obama knows
we're once again up on the debt ceiling. we have been here before, a year and half ago we were having this debate again. i supported a plan cut cap and balance that would have focused on solving the problem. but clearly we haven't sold the problem and credit card is maxed out again and president obama wants to get that money from china and send the bill to the kids. so any deal to solve this latest crisis ought to include a solution to their actual problem that got us here. >> is john boehner's role still in place? one for one for every dollar of debt increase there should be a dollar of spending reduction? >> i think you need a start with that. then you've got to actually put real programs in place that solve this problem long term. because look, if we don't solve this problem coming up in the next few weeks, we're going to be back here in another few months because president obama's racked up all this spending. he doesn't want to control the spending he's already accrued so he wants more money on the credit card. so, you know, if we're going to pay off the previous bills which we ou
we saw at the beginning of the year as we get closer to that debt ceiling which we just talked about. now, the ftse cnbc global 300 gives us an insight as what we've seen overnight. we are up off session lows. asia did reasonably well. europe, ooefb trying to make sense of a lot of data this morning. bourses still mostly to the upside. the ftse 100 adding .1% there as inflation has been just about as expected for the month. the xetra dax is fractionally higher, this despite the fact that german gdp was weaker than expected in the fourth quarter. the cac 40 adding .25%. the ibex 35 down 0.3%. ten-year yields are back above r5% this morning, although they have come off session highs, ross. >> just to remind you with where we stand with bond markets ahead of that. we had a t-bill auction, yields continue to go fall below 1.8%. so that just perks things up. spanish ten-year yields just above 5%. now just reverses 4.16% is the yield and inflation data out of the uk coming in exactly as expected, really, on the cpi measure, rpi slightly weak. on the currency markets, euro/dollar, 1.34%. do
is likely to be resolved with a downgrade later this year. even if another debt ceiling crisis is averted. steve? >> of course it is. we are added to the debt at unprecedented pace. of course, the agencies that exist to provide ratings on our debt are going to tell us that we will be downgraded. you have to have a discussion in the broader context. this is why the things are different when you talk about $17 billion in this particular mulvaney amendment. it is not a ton of number. in the context of $1.2 trillion debt. but you to have the discussions about the $17 billion. it's not out of line to suggest that a 1.6%be off-set is reasonable. >> bret: i will say one thing aboutbe the debt ceiling debate quickly. president obama yesterday and then jay carney back in 2011 two different takes but the same message. >> congressional republicans refuse to pay america's bills on time, social security checks and veteran benefits will be delayed. we might not be able to pay the troops. or honor contractbes with the small business owners. >> social security checks or veteran benefit, it's clear the ef
-month debt ceiling increase, with smaller amount of cuts all the way to multiyear, perhaps 4-year increase in the debt ceiling so long as it is accompanied by a major tax overhaul. and overhaul of the entitlement system. this on a day after fitch offered another warning saying a couple of things. one that the aaa credit score we have is at risk if there is another debt ceiling fight but republicans are focused at the part that says credible meaningful deficit reduction has to be part of this in order to keep the aaa credit score. house majority leader eric cantor responded to that with a statement saying, it's time for president obama to stop putting our credit rating at risk and acknowledge we need a credible deficit reduction plan attached to any increase in the debt limit. from the white house we heard from president obama yesterday at a news conference. he says that he is not discussing any negotiations in the debt ceiling. that if congress's responsibility to essentially allow him to pay for the bills that congress has already rang up. and from here he says he will discuss deficit red
? but like so many other crises and standoffs from the past two years, raising the nation's debt ceiling is a zero sum props. somebody wins only if somebody else loses. we're speaking of of course politically here, not financially. economically it's hard to find any winners if the treasury can't close the budget gap. runs about $100 million every month. my next guest worries about it a lot. signor partner and managing director of the boston consulting group and author and columnist. so this becomes tricky for people tound, but essentially the debt ceiling, is it the kind of tool that anybody should be used in order to force people to be more austere in the way they spend in the future? >> well, it's a way to do it, but it's a very dangerous way to do it because we start playing with everybody in our economy eye lives. so if we hit the debt ceiling and we don't have a bill that changes it, when we hit somewhere around $16.4 trillion worth of gdebt, the government will have to stop spending because of the debt limit. because we take it a whole lot -- we spend a whole lot more money than we
? if the debt ceiling negotiable. some quick comments -- remember, you can post your comments on twitter. the first phone call is from maryland, a democratic caller, jill. caller: i don't believe the debt ceiling is negotiable. it is kind of ridiculous that the money is already owed, so why are we not going to pay what is owed to other people? if people have made investments, the bills have to be paid. i find it ridiculous that people in congress don't want to pay what is already owed. it does not make sense. host: here is the wall street journal this morning. caller: well, if you're asking me if that's true, i think there definitely needs to be somewhat of a compromise as far as spending cuts, but that is not an easy issue, because spending cuts mean job losses. it's not an easy thing to say a president will say we will stop paying the bills too. so there has to be compromised rehab the debt ceiling and some degree of trimming the fat, but i don't know how that is going to happen with congress refusing to compromise. host: what about the president? he has said he is not even going to ne
or not to do regarding the debt ceiling. >> the budget released by governor jerry brown showed a budget surplus for the first time in many years. >>> right now it is 4:44 let's check in with sal on an early morning report on traffic. >>> good morning everybody, it is chilly, let's take a look at traffic on 880 westbound as you head to the mcarthur maze. if you are driving there, it is cold but visibility is good if you could think of the silverling. for most of the area, the bay bridge toll plaza looks good. if you are driving in downtown san jose it looks nice. 4:45 let's go to steve. >>> another cold one out there, i tell you this is a long stretch, 1990, 1997 and we had some very cold weather. it is really only two days. cold frosty conditions, there is frost and freeze warning out overnight lows anywhere from 20 to 40 and we have a few high clouds coming down out of idaho and northern nevada and it is tough to bulging this and unless you get a pattern change this time of year that, cold air settles in and it is tough to move around. we do have these clouds and temperatures are already in th
sound arcane can involve terminology like raising the debt ceiling for spending in the out years or entitlement reform, these are issues that matter deeply to everyday americans and affect their livelihood and affect there, you know, their potential and the american economy. so he thinks the american people care. he thinks that they want to hear from their leaders in washington about the things that they are debating here. i think he will absolutely continue to engage the american people on the policy proposals he is putting forward. >> jackie. >> thank you. >> aegis said it is another choice. last summer you said the president has not spoken ever with a certain senator about emigration. he came out and laid out his key points. as the president or anyone else from the white house spoken to him about it? >> i think senator rubio at the time had, i think, i think, demonstrated and reported absence of support among republican leaders for even the issues that he was discussing. the president has put forward, and their is a blueprint on the website that demonstrates this, an approach
voted against raising debt ceiling. >> bob: did you interrupt me? >> sorry. >> he voted against raising the debt ceiling, you are right. but the point is that this money is money that congress passed and appropriated. the congress has to vote on the money. they vote on it. pay your bill. >> if you can't vote on a budget, how can you do that? >> bob: every dime was passed by the congress. >> andrea: first, democratically controlled. >> bob: for two years. >> andrea: he can't say i have no responsibility here. >> it's not realistic. >> the issue, he stood in front of the american people and said i'll do this. elected congress hands and let president obama, czar, king obama decide what to do for the whole country. by the way, for the kids, too. today is a snapshot in time and say we need to pay the bills. yes. but we don't need to run it up in the next 10 the 15 years. >> bob: it's much more dangerous to leave fair trade of the credit of the united states government in gutter if we don't raise the debt ceiling. he can, under lot of legal con industry tutionm lawyers who believe that there
question from the audience, does the debt ceiling still have a practical are busy and could it be in limited without much consequence? >> no, it does not really have -- it has symbolic value, i guess area. no other country, i believe, have this particular institution. just so everybody understands what it is, the congress appropriate $100, tells the government to spend $100 on whatever. then it raises $80 in revenue through its tax code. the arithmetic care -- you have got to borrow $20. no, the congress has to give a third rule which says that 100 - 80 equals 20. if the congress is approving spending and taxing, and they are not equal, then logically, there has to be something to make up the difference. that is borrowing. i am not saying that visits and deaths are a good thing thing. not at all. the way to address it is to have a sensible plan for spending and revenue. make decisions about helping the government should be or how small it should be. again, this sort sort of like a family saying, well, we are spending too much, let's stop paying our credit card bills. that is
they borrow. ben bernanke said yesterday, we have to stop having these dibait overs the debt ceiling, it's a stupid idea. the head of the federal reserve. i think the democrats are frustrated. i think that's why they passed this bill -- >> neil: where was their frustration 7 years ago, when the folk who is were urging this very action today voted against raising the debt ceiling when george bush was president? where was the great constitutional resolve? >> i don't disagree with ow this. there are politics on both sides. i don't think anyone thinks this is going to pass. let's be clear. but there is growing frustration about the way the republicans are using this to go around the normal committee process -- >> neil: what were they doing seven years ago? were they going around the republican president to get their way? >> no. at the end of the day, the debt sewelling was raised. >> neil: then senator barack obama didn't want to do that because he wanted to send a message. so if republicans are of the same mind-set, what made it appropriate then and inappropriate now? >> because there was n
for the president's dilemma on the debt ceiling. >> the final press conference was held this morning and he talked about the debt ceiling announcing if congress doesn't work with him and raise the debt ceiling america will go into default on the loans and we might have to sell florida. so, take goodbye to nanna and papa. >> you can see jimmy kimmel at the new time following the abc7 at 11. >> and the story behind a baby panda high five that >> on the 4th anniversary of the miracle on the hudson, "sully" sullenberger joins katie couric for a great day and reunited with the passengers he saved in the incredible emergency landing on new's hudson river. >> of all people to be piloting that day, thank god, sully, it was you. sometimes i get on a plane and i am like, sully? anybody named sully on this plane? >> i appreciate that. when i travel as a passenger i have people recognize me and they say i feel better knowing you are here. >> we feel the same way, too. that is katie at 3:00 and you can hear more right here on abc7. on abc7 news at 4:00, a hand's on lesson, high school students get an opportuni
to republicans about the need to raise the debt ceiling and he once again said there was no way he'd negotiate with congress about something it should do anyway. >> they will not collect a ransom in exchange for not crashing the american economy. the financial well-being of the american people is not leverage to be used. the full faith and credit of the united states of america is not a bargaining chip. >> reporter: republicans called the president hypocritical for saying he will not negotiate over the debt limit while blasting republicans for refusing to negotiate. and they fired back that the debate over the debt ceiling was the perfect time to consider legislation to cut spending. at the same time, only a handful of republicans have actually said they'd let the united states default on its bills. >> t predent claims this, but republicans have always raised the debt ceiling. we've never seen the debt limit fail to be raised. all they have said is we want to apply the same criteria that the president himself applied when he was a senator and say we don't want to give the president a blank che
probably be against some of the things he was talking about, particularly the debt ceiling. the senator called it irresponsible to increase the debt. listen to then-senator obama. >> the problem is that the way bush has done it over the last eight years is to take out a credit card from the bank of china in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents. number 43 added $4 trillion by his lonesome so we now have over $9 trillion of debt that we are going to have to pay back, $30,000 for every man, woman and child. that's irresponsible. it's unpatriotic. >>steve: there you've got the president, back then senator, back in the day saying that president of ours, he's running up the bills, and it would be unpatriotic what he's doing. and we cannot raise the debt limit. forward to his administration, and i think this is going to be the fourth time he has asked congress to up the debt ceiling. of course what he said is, i know the republicans want to try to get some sort of spending cuts and stuff like that. i'll deal with it. just not over
passed the debt ceiling at the beginning of the year, but through accounting tricks and playing with numbers and what have you we were able to extend that by which we can continue to do things according to business as usual, and the treasury is saying that at least definitely by march, sometime in march they're going to need authority from congress to raise the borrowing limits of that they can raise more money. >> our republicans in congress reacting to the president's comments from this press conference? >> we're not too sure yet. republicans are just getting back into town this evening for a day of voting on tuesday, and then they will disappear again for their annual policy and political retreats in virginia. senate republicans are not scheduled to be in this week. the send is not scheduled to be in this week. we know that -- and i know from following twitter and watching the reaction from speaker of the house and republican senate leader that they did not appreciate the president's comments or agree with them. they held fast that they expect to passed legislation on the hou
or six years but at least lengthy cease-fire on debt ceilings and all these i tin rat fiscal dramas. if the president were able to move in those directions, get all three of those on the board, because that is about the window he has, second term presidency really begins to expire after two and a half years, maybe sometime sooner, that would be historic. >> rose: do you agree with that, al? >> i do. i'm very skeptical that it ain't going to happen in tax reform. i saw the '85, '86 tax act. almost none of the ingredients that existed then for that very difficult task exists today. i'm-- i think there was people on both sides who like to see it i am a very dubious. i think immigration is going to happen. and guns is a toss up right now but major is absolutely right. that winnow is those first two years and i think the present knows that. the st part of his first, secretary term will be probably foreign policy essentially. >> rose: al hunt, major garrett, thank you very much. >> thank you. >> rose: we'll be right back with the foreign minister of pakistan. stay with us. hina rabbani qh
to raise the debt ceiling, i'm happy to take it. mitch mcconnell, the republican leader in the senate, had a proposal like that last year, and i'm happy to accept it. >> how does it work? step one. president asks congress to raise the debt ceiling when it's within $100 billion. step two, the congress rejects that request and sends a joint resolution of disapproval back to the white house. step three, obama vetoes the resolution of disapproval. step four, congress does nothing. as long as the house and senate wait 15 days before addressing the white house veto, then the president gets his original wish and the debt ceiling automatically goes up. in other words, a redo of the fiscal cliff threatening the u.s. economy. give extremism and allow congress to basically do anything. welcome to washington. andrew, is this -- is this the way it goes now? >> i'm depressing. it is depressing are but it's also maybe the viable path forward. in terms of harm done to the u.s. economy sshgs that the best solution? >> i cannot get behind that. by the way, count get behind the platinum coin. we could draw s
that the president of the united states voted six years ago against raising the debt ceiling. connell: are they to gather on it? speaker boehner, we cut a deal, but he does not have the votes to do it. are there more together than we think? >> they tend to bring the caucus around a central focus. obviously, the debt ceiling is important. you will see some real coalition around the boehner real. you know, hopefully that is something that is sealable and relevant to the white house. it used to be pay-as-you-go. connell: times have changed. dylan glenn, thanks a lot. dagen: is lawmakers screw up or interest rates going up? peter hayes oversees more than $100 billion in assets. good of you to be here. they mess up on raising the debt ceiling, do you think interest rates will shoot up or what can we expect in terms of that market? >> expect volatility. the bottom line is you will see volatility. the longer we go and connell talked about some of the issues in washington, how you get there, missing payments and so forth. it will get messy. they seem to react only when their backs are against
march to raise the debt ceiling and prevent a government default. most republicans have insisted that with the government facing another trillion dollar deficit this year, any increase in borrowing authority must be tied to cuts in spending. the president flatly disagreed. >> i want to be clear about this. the debt ceiling is not a question of authorizing more spending. so while i'm willing to compromise and find common ground over how to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the bills they've already racked up. >> brown: the 2011 stand-off between the president and republicans over the debt ceiling led the nation to the bryning of national default. standard and poors even lowered its rating on u.s. government bonds. today, president obama said any repeat performance would be, quote, irresponsible. >> if the goal is to make sure that we are being responsible about our debt and our deficit, if that's the conversation we're having, i'm happy to have that conversation. what i will not do is to have that nego
, quote, we are not out of the woods yet, calling ongoing battles over spending cuts and the debt ceiling critical watersheds. >>> elsewhere, a troubling new report finds more than one in four workers are dipping into retirement funds to keep up with their current bills. apparently folks in their 40s are most likely to do that. >>> some good news, though, on the housing front. new numbers show home prices rose 7.5% in 2012, the most in six years thanks to improving demand and fewer foreclosures. >>> swiss group swatch is adding some sparkle to the brand, scooping up harry winston's luxury line of jewelry and watches for about $1 billion. >>> toyota has once again dethroned general motors as the world's top-selling automaker, selling just under 10 million vehicles last year. >>> coca-cola is taking some heat for its new ad campaign encouraging people to come together to fight obesity. critics say coke is just doing damage control to combat its own contribution to the country's growing obesity problem. >>> we'll find out what facebook's big mystery is in a much-hyped media event today. rumo
illustrate why we are going to have the big fights over the next couple of months to raise the debt ceiling and two-thirds of the republican caucuses voted for this. they want to send a message that they really, really needed it, that they want to cut spending for every doll they put out there, even on disaster relief, which historically has not been required to have an offset. >> and definitely has ruffled feathers in the last congress. all of our viewers i'm sure will rememb how new jersey governor chris christie didn't hold back in showing how angry he was at congress, the house, and specifically speaker boehner when the vote was delayed last time. listen to him. this is on january 2nd. >> new jersey deserves better than the due police tea we saw displayed last night. america deserves better than just another example of a government that has forgotten who is the to serve and why. 66 days and counting. shame on you. shame on congress. >> when you listen to that and when you listen to the house floor and sound bites before , s what you're saying why speaker boehner did what he did in the v
and if congress does not act on the debt ceiling, the national economy could fall and that would have a negative affect on california's budget numbers. they revealed a budget surplus in many years and that's thanks to a new tax revenue from proposition 30 as well as spending cuts. >>> the social media is buzzing about a possible announcement by facebook. janine de la vega joins us now from menlo park with more on a mystery event that is going to take place in just a few hours, good morning. >> reporter: good morning pam, we did see several news vehicles and as the morning goes on the area is expected to fill up and that's because at 10:00 a.m. facebook is anticipating a news conference to unveil something. we don't know what that something is just yet but they say come see what we are building. most people agree they are not talking about an actual building even though they are expanding their campus. some analysts are shooting down the idea of a phone because mark zuckerberg said a phone does not make sense. facebook is his top pry yourty and -- priority and he may unveil a search engine so use
. >> so would it be better if we didn't have a debt ceiling at all? >> yeah, absolutely it would. this is a silly thing which ought to happen automatically because our debt is going to grow along with our economy from year to year. especially it's going to grow in times when we need to spend a little more to juice our economy. but you know, bernanke has very little credibility with the republican party because republican leadership last year actually sent letters to him saying stop with your quantitative easing and your other extraordinary measures to juice this economy. they're already angry at him, so him saying we should from the debt ceiling is not going to do anything in congress. >> part of the problem is the debt seems to go up and good times and bad times and no one ever seems to have the courage to cut it, but it's a very bipartisan thing in terms of raising it. 76 times it's been raised since 1962. and the number one president in terms of raising it, the winner is ronald reagan at 17 times. that might shock people who like to see him as the paragon of responsible spendi
hypocritical because whe he was a senator in 2006 and george bush wanted to raise the debt ceiling he said no and called george bush failed president. gerri: one of the reporters got up and said only a few years ago you were saying that this kind of fight makes no sense, would have to have fiscal discipline. what do you say to this? speak of the president has been the beneficiary of large increases in mandatory spending because two-thirds of the spending is mandatory so he doesn't have to pass bills increase spending. the public is not aware of it, spending now 24% of gdp historically 20% of gdp. gerri: and deficits far as the eye can see. clearly this is a situation that cannot continue forever. they have said let's take it to the court. what do you make of that strategy? >> is a losing strategy. there is a reason that debt ceiling raised with congress. that is a reason they have to start using the president's language and site we have to have a baland approach. if you want the debt ceiling raised come at some point we're going to have to address spending cuts. this is as good a time as
when it comes to the debt ceiling. here's the president. >> but they will not collect ransom in exchange for not crashing the american economy. the financial well being of the american people is not leverage to be used. the full faith and credit of the united states of america is not a bargaining chip. >> and that's yesterday's last press conference of the presidential term. newt gingrich of all people reacted by saying the president was bullying republicans. that's a long way from saying he's weak. now he's a bully. let's watch. >> i don't think we should pick fights where we are in a position that we can't, in fact, in the end enforce our will. we have no evidence that barack obama's going to compromise. i think this president is deliberately seeking confrontation and is going out of his way to bully house republicans. >> we'll see. winston churchill once said when people like newt hung around in politics after they were defeated, we more disappearages. i wonder my thought about this guy. why he's still on television. anyway, newt gingrich said the president's a bully. your
for many years. yes, we're doing it differently now. we're talking about the debt ceiling in term of ways to have a discussion and reduce spending. is that different than it has been over the last 30 years? yes, but thankfully so. maybe if we had these discussions for the last 30 years we wouldn't be looking at $6 trillion in debt. we've done it to ourselves but this is the future and perhaps rightly so until we get things straightened out. >> we'll keep a close eye. thanks for coming to the camera. >> thanks for having me. >> still, the cost of america's crumbling of infrastructure. we're back in a moment. >> announcer: this cnbc program is sponsored by audi, truth in engineering. [ engine revs ] come in. ♪ got the coffee. that was fast. we're outta here. ♪ [ engine revs ] ♪ the street." i'm michelle caruso cabrera. a report just came out that shows how costly it is that we don't keep up our roads and waterways. more than $3 trillion off the nation's gdp through 2020. they believe we should be spending $2.7 trillion through the end cht decade. they expect we'll only spend $1.6 tril
back at 6:00 the president draws a new line in the sand on america's debt ceiling. what happens if the limit isn't lifted? who will feel it first? >> a gun buy back. it's not just weapons they're after. a poll revealing hows&á america feels about gun control. >> and the internet hero who took his life in the middle of a new campaign for social justice, online. stay with us. the ne hmm, it says here that cheerios helps lower cholesterol as part of a heart healthy diet. that's true. ...but you still have to go to the gym. ♪ the one and only, cheerios ...and now... you! [ giggles ] ♪ the one and only, cheerios >>> president obama insists he will not negotiate with white house rinz over the debt keeling and says the full faith and credit of the united states will not be a bargaining chip. abc 7 news mark matthews is here with the challenge that the president is facing on this. >> the president says concept understand.jjw that is not what we found and the challenge facing the president is one that he began to address this morning. president told reporters raising the debt keelin
taxes or is there more to it. >> you look at every fight whether its fight over the debt ceiling, fight over guns, immigration, and you're going to see brutal fights. why? this is one of the most polarized congresses we've had in years. you have democrats and republicans who make up the majority occupying very conservative districts. there is very little political incentive for either party to come together and making a deal, and republicans bringing the nation to a government shut down may makes sense to them. >> john: you talked about how obama managed to drive a wedge between red state republicans and blue state republicans. is that what he's trying to do on the debt ceiling debate as well. >> you can the white house adopt a divide and conquer strategy for quite a bit of time. there are 85 house republicans who voted yes on the bill and created the margin it needed to pass. here's the interesting thing of those 85 republicans who voted yes. 70 of them came from blue states. states that voted for barack obama over mitt romney last november. in other words the white house is defending
through the debt ceiling debate, continuing resolution. it's going to be bumpy. we'll take full advantage of a market falldown during that period because you've got three main things going for you. housing turning for real, not just an inventory real liquiification and foreclosures. all that have stuff turning for real. it will turn into unemployment back half of the year. a little better transparency on fiscal policy. not necessarily the fix but the transparency. business cap "x" second half of the year and every single central bank in the world reflating so you're very bull strategic defense initiative. >> very bullish. >> i guess the question is are you able to buy into that market at much lower houses? how substantial could a decline be on the so-called bumps in the road? there's some precedent for that. not the first time we've been through it. we've been back through it in 2011 and there's a significant pullback. there's a bit of a been there, done that and we haven't seen the kind of volatility we've seen and in the difference of backdrop the republicans sort of have their backs ag
have been here but i think some of those issues like the debt ceiling, this is absolutely new territory. >> stephanie: yeah even the republican party -- we have just not seen a version of it that it was willing to take the united states hostage -- >> we have never seen that but we have never seen the kind of use of the filibuster that we see now to stop everything, and as you said, the blocking of appointments. there has always been this courtesy to the president of the united states to at least have hearings and -- and debates about these nominees but you know -- one person to stop it -- >> stephanie: right. and the way the main stream media covers it drives me insane. the president nominates a republican, and there is outrage. >> i know and he doesn't have enough beer parties or something. >> stephanie: yeah exactly. the other thing the president addressed was gun legislation, and if it is not different this time, congress woman i don't know when it will be if you watched any those sandy hook families yesterday. >> wasn't that stunning? >> stephanie
is the debt ceiling. treasury secretary timothy geithner released a letter this week saying the government could run out its borrowing authority in as little as four weeks. now, republicans are trying to use this chance to force the democrats into serious long-term spending cuts but obama insists this is about paying the bills congress has already racked up. more bill up next. just be grateful current tv does not come in smellivision. the sweatshirt is nice and all but i could use a golden lasso. (vo) only on current tv. >> announcer: broad broadcasting across the nation and on tv on current tv. >> bill: breaking news, clarence thomas has spoken. for the first time in seven years. at the supreme court. clarence thomas uttered maybe three words. maybe four. nobody is sure what he said. but he did show signs of life. oh, my god. what do you say? good morning everybody. with that bit of astounding news, we start off the "full court press" this tuesday morning, january 15. great to see you today. welcome, welcome welcome to the program. good to have you with us. look forward to hearing from yo
began by drawing a line in the sand over the looming debt ceiling debate but cbs reporter danielle nottingham shows us the conversation quickly turned to gun control. >> the president of the united states. >> reporter: president obama used the last press conference of his first term to call out republicans who are threatening not to raise the debt limit. >> so to even entertain the idea of this happening of the united states of america not paying its bills is irresponsible. it's absurd. >> reporter: republicans want drastic spending cuts in exchange for increasing the amount the government can borrow but the president says he will not have the debt ceiling tied to the bills congress has already wrapped up. >> what i will not do is to have that negotiation with a gun at the head of the american people. >> reporter: the debt ceiling deadline is just one of three budget showdowns the white house and congress face in the coming months. house speaker john boehner said if lawmakers don't tackle the debt and spending at the same time it will cost jobs.
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